Definitive Analysis
| Stable Growth | $25,422.05 - $91,921.66 | $80,582.40 |
| Multi-Stage | $11,921.55 - $13,027.73 | $12,464.56 |
| Blended Fair Value | $46,523.48 | |
| Current Price | $8,675.00 | |
| Upside | 436.29% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 31.34% | 27.21% | 277.51 | 212.51 | 155.01 | 111.40 | 110.60 | 71.00 | 52.00 | 42.00 | 35.00 | 30.60 |
| YoY Growth | - | - | 30.59% | 37.10% | 39.14% | 0.72% | 55.77% | 36.54% | 23.81% | 20.00% | 14.38% | 22.40% |
| Dividend Yield | - | - | 3.26% | 2.16% | 1.77% | 1.40% | 1.78% | 1.29% | 0.95% | 0.90% | 1.06% | 1.15% |
| Net Income To Common (M) | 56,976,535.00 |
| (-) Cash Dividends Paid (M) | 36,982,515.00 |
| (=) Cash Retained (M) | 19,994,020.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 11,395,307.00 | 7,122,066.88 | 4,273,240.13 |
| Cash Retained (M) | 19,994,020.00 | 19,994,020.00 | 19,994,020.00 |
| (-) Cash Required (M) | -11,395,307.00 | -7,122,066.88 | -4,273,240.13 |
| (=) Excess Retained (M) | 8,598,713.00 | 12,871,953.13 | 15,720,779.88 |
| (/) Shares Outstanding (M) | 123,270.28 | 123,270.28 | 123,270.28 |
| (=) Excess Retained per Share | 69.75 | 104.42 | 127.53 |
| LTM Dividend per Share | 300.01 | 300.01 | 300.01 |
| (+) Excess Retained per Share | 69.75 | 104.42 | 127.53 |
| (=) Adjusted Dividend | 369.77 | 404.43 | 427.54 |
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $25,422.05 | $80,582.40 | $91,921.66 |
| Upside / Downside | 193.05% | 828.90% | 959.62% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 56,976,535.00 | 60,680,009.78 | 64,624,210.41 | 68,824,784.09 | 73,298,395.05 | 78,062,790.73 | 80,404,674.45 |
| Payout Ratio | 64.91% | 69.93% | 74.94% | 79.96% | 84.98% | 90.00% | 92.50% |
| Projected Dividends (M) | 36,982,515.00 | 42,431,504.54 | 48,432,611.59 | 55,034,589.46 | 62,290,196.66 | 70,256,511.66 | 74,374,323.87 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 39,270,593.19 | 39,642,826.30 | 40,015,059.41 |
| Year 2 PV (M) | 41,485,463.63 | 42,275,645.19 | 43,073,281.29 |
| Year 3 PV (M) | 43,628,755.15 | 44,881,179.92 | 46,157,346.63 |
| Year 4 PV (M) | 45,702,064.88 | 47,459,637.32 | 49,267,422.37 |
| Year 5 PV (M) | 47,706,958.91 | 50,011,222.86 | 52,403,676.42 |
| PV of Terminal Value (M) | 1,251,778,469.63 | 1,312,239,837.78 | 1,375,015,204.80 |
| Equity Value (M) | 1,469,572,305.39 | 1,536,510,349.37 | 1,605,931,990.93 |
| Shares Outstanding (M) | 123,270.28 | 123,270.28 | 123,270.28 |
| Fair Value | $11,921.55 | $12,464.56 | $13,027.73 |
| Upside / Downside | 37.42% | 43.68% | 50.18% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| 0293.HK | Cathay Pacific Airways Limited | 9.31% | $1.18 | 41.45% |
| ROMI3.SA | Romi S.A. | 9.31% | $0.74 | 73.26% |
| SKUE.OL | Skue Sparebank | 9.31% | $32.59 | 19.52% |
| 4589.TWO | Motion Technology Electric & Machinery Co., Ltd. | 9.30% | $3.25 | 67.47% |
| SSTRT.BK | Sub Sri Thai Real Estate Investment Trust | 9.30% | $0.40 | 78.24% |
| CLPI.JK | PT Colorpak Indonesia Tbk | 9.29% | $139.36 | 65.00% |
| GXH.NZ | Green Cross Health Limited | 9.27% | $0.10 | 47.49% |
| MOL.BD | MOL Magyar Olaj- és Gázipari Nyilvánosan Muködo Részvénytársaság | 9.27% | $272.60 | 77.71% |
| ORG.AX | Origin Energy Limited | 9.27% | $1.05 | 62.89% |
| 0259.HK | Yeebo (International Holdings) Limited | 9.26% | $0.36 | 11.31% |
| WEHB.BR | Wereldhave Belgium | 9.26% | $4.98 | 46.05% |
| 0KD1.L | Tubacex, S.A. | 9.24% | $0.32 | 99.60% |
| ACL.AX | Australian Clinical Labs Limited | 9.21% | $0.25 | 79.65% |
| BMRI.JK | PT Bank Mandiri (Persero) Tbk | 9.19% | $466.18 | 84.49% |
| 0116.HK | Chow Sang Sang Holdings International Limited | 9.18% | $1.12 | 39.62% |
| 2284.SR | Modern Mills for Food Products Co. | 9.18% | $2.64 | 99.54% |
| CGRA3.SA | Grazziotin S.A. | 9.18% | $2.57 | 51.61% |
| 0OPJ.L | ABC arbitrage S.A. | 9.17% | $0.50 | 56.87% |
| 000543.SZ | An Hui Wenergy Company Limited | 9.16% | $0.73 | 69.19% |
| PANR.JK | PT Panorama Sentrawisata Tbk | 9.16% | $60.00 | 23.97% |
| CQR.AX | Charter Hall Retail REIT | 9.15% | $0.37 | 94.16% |
| ILINK.BK | Interlink Communication Public Company Limited | 9.14% | $0.43 | 60.06% |
| ELD.AX | Elders Limited | 9.10% | $0.62 | 84.73% |
| GOP.WA | Games Operators S.A. | 9.09% | $1.00 | 94.94% |
| 000544.SZ | Zhongyuan Environmental Protection Co., Ltd. | 9.08% | $0.76 | 69.45% |
| DIRR3.SA | Direcional Engenharia S.A. | 9.08% | $1.24 | 85.08% |
| BMKS3.SA | Bicicletas Monark S.A. | 9.07% | $33.58 | 19.86% |
| WHA.AS | Wereldhave N.V. | 9.07% | $1.75 | 42.00% |
| ARBS.MI | Arterra Bioscience | 9.06% | $0.28 | 56.80% |
| WMI.AX | WAM Microcap Limited | 9.06% | $0.15 | 52.69% |
| 2386.HK | SINOPEC Engineering (Group) Co., Ltd. | 9.05% | $0.69 | 61.95% |
| FGX.AX | Future Generation Australia Limited | 9.05% | $0.12 | 56.23% |
| 0011.HK | Hang Seng Bank Limited | 9.04% | $13.92 | 81.46% |
| 0552.HK | China Communications Services Corporation Limited | 9.04% | $0.42 | 39.96% |
| 3092.SR | Riyadh Cement Company | 9.03% | $2.16 | 53.08% |
| 3320.HK | China Resources Pharmaceutical Group Limited | 9.01% | $0.41 | 35.95% |
| DF.TO | Dividend 15 Split Corp. II | 9.01% | $0.68 | 14.59% |
| SIGN.SW | SIG Group AG | 9.01% | $1.02 | 82.02% |
| ODPV3.SA | Odontoprev S.A. | 9.00% | $1.01 | 95.59% |
| CDO.AX | Cadence Opportunities Fund Limited | 8.99% | $0.17 | 71.14% |
| MDARA.RG | AS MADARA Cosmetics | 8.97% | $0.93 | 55.30% |
| SRIPANWA.BK | Sri panwa Hospitality Real Estate Investment Trust | 8.97% | $0.45 | 52.90% |
| ASK.AX | Abacus Storage King | 8.96% | $0.14 | 41.63% |
| BBAJIOO.MX | Banco del Bajío, S.A., Institución de Banca Múltiple | 8.95% | $4.10 | 50.16% |
| COFA.PA | Coface S.A. | 8.95% | $1.40 | 91.04% |
| 0002.HK | CLP Holdings Limited | 8.94% | $6.25 | 82.57% |
| 2636.TW | T3EX Global Holdings Corp. | 8.94% | $6.00 | 73.34% |
| IFS | Intercorp Financial Services Inc. | 8.94% | $3.77 | 21.42% |
| BIZ.BK | Business Alignment Public Company Limited | 8.93% | $0.36 | 64.25% |
| 6963.HK | Sunshine Insurance Group Company Limited | 8.92% | $0.35 | 41.98% |